Palm Plunges, but Apple Leads Recovery
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Shares of Palm (NASDAQ: PALM) tumbled on Thursday, but Apple (NASDAQ: AAPL) led the rest of the stock market back from a steep early decline.
Palm plunged 19 percent after the company sharply lowered its revenue outlook. The move came in the wake of analyst reports warning of soft smartphone sales at Verizon (NYSE: VZ).
Apple ended the day with a small gain, while the Nasdaq cut a more than 1.5 percent loss to 0.1 percent by the close.
Salesforce.com (NYSE: CRM) lost ground, down 2 percent after the company beat Wall Street estimates but lowered its earnings expectations.
Brocade (NASDAQ: BRCD) rebounded by 4 percent, but Yahoo (NASDAQ: YHOO) lost more than 2 percent despite news of a big investment by billionaire investor George Soros.
Smith Micro (NASDAQ: SMSI) soared 18 percent on its results.